Shell in no hurry to sell Woodside

Royal Dutch Shell, Europe’s largest oil company, sees no urgency over what to do with its $6 billion stake in Australia’s
Woodside Petroleum
, chief executive officer Peter Voser said on Tuesday.

“We are under no urgency or pressure to do anything," Mr Voser said in Kuala Lumpur, where he’s attending an industry conference.

“Woodside has an interesting growth model in terms of projects and has strategic value," he said.

Woodside, Australia’s second largest oil and gas producer, has slumped in Sydney trading since The Hague-based Shell sold 10 per cent of the company at $42.23 a share in November 2010. It still owns 23 per cent of the Perth-based company, valued at $6.1 billion.

Woodside rose 4 per cent on Tuesday to $32.10 in Sydney. Shell’s chief financial officer, Simon Henry, said in February the stake didn’t fit with long-term plans.

Woodside CEO Peter Coleman said last month he had talked to companies interested in buying the shares and offered to help Shell with a sale.

Separately, Mr Voser said the company was working towards a final investment decision on the proposed Arrow liquefied natural gas project in Australia.

Arrow Energy
, owned by Shell and PetroChina, expected to decide late next year whether to go ahead with the venture on Curtis Island in Queensland, CEO Andrew Faulkner said last year.